Refinancing student loans to a lower interest rate can help you save thousands of dollars over the course of your career. However, beware that if you have federal loans, refinancing to private loans may result in losing special repayment plans that can help you in a time of need. Make sure you can comfortably afford your new payments if you refinance, and take the time to get rates from several different providers. Typically, you can ‘rate shop’ for 30 days and have only one inquiry show on your credit report. If you are considering refinancing or consolidating your loans, compare LeverageRx endorsed student loan providers below.

Compare the best student loan refinancing companies for doctors

We’ve made it incredibly simple for doctors to compare lenders and find the best rates

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Loan Term

5-Year

10-Year

15-Year

20-year

Available to Refinance in Residency / Fellowship

Yes

No

Credit Score

Loan Terms 5, 7, 10, 15 and 20 year options

Maximum Loan Amount $300,000

Available in most U.S. states

Fixed Rates

3.25%-7.25%

Variable Rates

1.93%-6.95%

Lendkey is a marketplace lending platform that matches borrowers with over 300+ community banks and credit unions all over the United States, providing services focused on student loan consolidation and refinancing. Made up of a community of non-profit credit unions and banks, LendKey provides low industry rates from non-profit lenders. These include some of the lowest loan rates for both federal and private loans. The large community network includes smaller banks and credit unions that would normally not be able to compete without marketing resources, allowing for competitive rates.

LendKey uses a Unified Application process, preventing users from having to sort through multiple domains and different user interfaces. This simplifies the application process and presents multiple loan options quickly. Their site states you can get a rate quote in 2 minutes.

Pros

Interest only payment option for first 4 years of 15yr loan term, giving extremely affordable monthly payments while you’re early in your career

Competitive rates for a wide range of applicants, including lower FICO score and lower income individuals

Largest career protection period in the market, up to 18 months of paused payments if you lose your job

LendKey is your point of contact from application to your final payment, you’ll never be passed on and your personal information will never leave LendKey

Cosigner release available to all borrowers after 12 payments – if your cosigner helped you get a better rate, you get to keep your rate even when you cosigner leavesUnique marketplace lending platform provides more personalized and unique benefits for members for personalized consolidation and refinancing options.

Cons

No 20 year fixed rate option available

Not available in ME, ND, NV, RI, & WV

Loan Terms 5, 10, and 15 year options

Maximum Loan Amount $175,000

Available in most U.S. states

Fixed Rates

3.50%-7.25%

Variable Rates

1.90%-5.75%

SoFi has exploded onto the student loan scene over the past several years and has quickly become one of the largest players in the student loan refinancing and consolidation market. The company's products boast extremely competitive rates and they are known for their around the clock customer service. The company's non-traditional underwriting process takes into account employment history, merit, financial history, and monthly income vs. expenses. SoFi has fairly strict credit criteria and targets people with good jobs, substantial income and have the proven ability to manage their budget and credit history.

Pros

One of the best customer service teams in the market – open nights and weekends for questions and servicing issues

Extremely competitive rates

Quick application process – can usually be preapproved in 15 minutes

If you lose your job for no fault of your own, they will suspend your monthly payments until you find a new job. This can be done for up to 12 months. They will also link you with job placement services. However, the interest that accrues during this period would be added to the loan.

Cons

Very strict underwriting criteria

Refinance loans available in 49 states plus the District of Columbia. Residents of Nevada are not eligible for a refinance loan. Variable rate loans are not offered in Ohio or Tennessee

Loan Terms 5, 7, 10, 15 and 20 year options

Maximum Loan Amount No Maximum

Loans available in all 50 states

Fixed Rates

4.20%-7.20%

Variable Rates

3.76%-6.42%

Laurel Road is a division of DRB, a traditional bank located in Connecticut but consolidates federal and private loans in all 50 states. One of the biggest benefits of consolidating with Laurel Road is the low interest rates they offer compared to most other options available. Variable rates start at 3.76% and fixed rates start at 4.20% with 5, 7, 10, 15 and 20 year repayment terms.

Pros

Relatively low fixed and variable interest rates compared to peers

Short term forbearance available for financial hardship

Loan Terms 5, 10, and 15 year options

Maximum Loan Amount No Maximum

Loans available in 36 states

Fixed Rates

3.50%-7.25%

Variable Rates

1.90%-5.75%

Earnest is a relatively new lender and offers merit-based loans instead of credit based ones. Through a comprehensive data-intensive client eligibility and background check, Earnest tries to obtain a complete financial picture of potential borrowers. They offer student loan refinancing starting at a variable rate of 1.90% APR and personal loans starting at 4.25% APR.

Earnest offers unemployment protection that allows deferred payments up to three months at once, and for a total of 12 months over the life of your loan. Earnest also offers the flexibility to switch between fixed and variable rates during the life of the loan should you want to exercise that option. Note that switching can only take place once every 6 months. Earnest also lets borrowers skip one payment every 12 months (after making on-time payments for 6 months), however, this will raise your monthly payment to adjust for the skipped payment.

Beyond that, Earnest encourages borrowers to contact a representative if they're experiencing financial hardship. Earnest is committed to working with borrowers to make their loans as manageable as possible, even if that means temporary forbearance or restructuring the loan. Lastly, if you need to lower your monthly payment, you can apply to refinance again. This entails Earnest taking another look at your terms and seeing if it can give you a better quote.

Pros

Earnest offers unemployment protection should you lose your job. That means you can defer payments for three months at a time, up to a total of twelve months over the life of your loan. Interest still accrues, though.

Flexibility offered from being able to switch between fixed and variable rates. This is a great benefit to have should you experience a change in your financial situation.

Cons

Not available everywhere. Earnest is available in the following 36 states (they are increasing the number of states regularly) Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Earnest does a hard inquiry upon completion of the application. They're very open about this on their website, stating that hard inquiries remain on credit reports for two years, and may slightly lower your credit score for a short period of time

Loan Terms 5, 10, 15 and 20 year options

Maximum Loan Amount $170,000

Loans available in all 50 states

Fixed Rates

3.50%-7.24%

Variable Rates

1.90%-5.10%

Citizens Bank started as a small community bank and is now a leading name in the financial industry. One of the nation's oldest and largest financial institutions. They provide mortgage lending, auto lending, student lending and commercial banking services nationwide. In addition to banking services and mortgages, Citizens Bank offers new student loans and refinancing options to help students achieve their financial and educational goals.

Pros

No upfront application, origination or disbursement fees, and no early payoff penalty. A 0.25% discount is offered for borrowers enrolled in a monthly automatic payment withdraw option

New student loan types have a $1,000 minimum

Offers refinancing and consolidation of both Federal and Private loans

Cons

Citizens Bank requires applicants to have an exemplary credit score as well as a modest credit history. Because many students are new to the credit arena having little credit, cosigners are often needed to refinance student loans into their student loan product

Students may not currently be enrolled in school to use the refinancing service offered by Citizens Bank. However, graduation is not a requirement

Interest rates can reach up to 11.51% depending on the credit of the borrower

No unemployment protection

No grace period

Loan Terms 5, 10, 15 and 20 year options

Maximum Loan Amount $500,000

Loans available in all 50 states

Fixed Rates

3.74%-6.49%

Variable Rates

1.94%-4.93%

CommonBond began by servicing students from one school, and today is available to over 2,000 universities nationwide. They offer low fixed and variable rate loans, as well as refinancing services. They are unique in that they refinance both private, federal and recently refinanced loan types under a Grad Refinance Loan with some of the lowest rates on the market. Their network is based off of alumni and professionals within a community that sets itself apart from other banks by offering extended community based services and even hosting member events. Individuals who will benefit most from refinancing with CommonBond are borrowers seeking to refinance a large amount of student loan debt.

Pros

CommonBond offers a hybrid loan option, with APRs ranging from 4.22%-5.64% (Taking into account a 0.25% auto pay discount into consideration). The hybrid loan is only offered on a 10 year term – the first 5 years will have a fixed rate, and the 5 years after that will have a variable rate

Will allow application with a cosigner if your credit is not good enough

Borrowers have access to CommonBridge – a program designed to help borrowers who have lost their jobs find new employment opportunities

Unique private, federal and consolidation loan refinancing options

Cons

CommonBond is not available to all colleges and universities. It is available to 2,000 Title IV accredited universities and graduate programs

While access to CommonBridge assists with the seeking of new job opportunities, the company does not offer the same typical benefits as other lenders when it comes to unemployment protection

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Student Loan Refinancing FAQs

Check out some of the most commonly asked questions about student loan refinancing

How does student loan refinancing work?

When you refinance you student loans, you replace your existing loan(s) with a new loan at a lower interest rate. The new loan is used to pay off your existing student loans. You can choose a loan term that matches your existing loans, or a longer one that will help lower your monthly payments even more.

How do I know if student loan refinancing is right for me?

If you have private student loans, or federal student loans and aren’t eligible or planning on taking advantage of a federal loan forgiveness program or income-driven repayment plan, student loan refinancing is a good alternative to help lower your interest payments.

About LeverageRx

LeverageRx is a digital lending and insurance marketplace exclusively for doctors. We make it incredibly simple to compare rates on financial services including student loan refinancing, personal loans, long term disability insurance, life insurance and exclusive mortgage programs for doctors.